BUA Ports and Terminals said it will resume operations at its terminal in Rivers Port, Port Harcourt “soon” as the Nigeria Port Authority (NPA) is set to withdraw the notice of termination of concession it issued to it last year.
In May 2019, NPA decommissioned the BUA terminal following a disagreement between the NPA and BUA over collapse of a quay apron at the port — a move BUA contested.
However, a statement by BUA Group on Wednesday said plans are in top gear to resolve the issue.
The company said, “We are pleased to inform our stakeholders and the public that we have received official communication to the effect that the notice of termination issued by the Nigerian Ports Authority (NPA) sometime last year against our Rivers Ports-based BUA Ports & Terminals be withdrawn forthwith;
“The ongoing arbitration at the London Court of International Arbitration (LCIA) be discontinued, and BUA terminals be reopened immediately for operations.
“This decision is in line with our earlier and consistent stand that all parties respect the content and spirit of the concession agreement for the facility.
“We also want to thank you unequivocally, our dear customers, employees, dockworkers and other stakeholders, for your patience, support, and for keeping faith with us throughout this period.
“BUA remains committed and has put in place structures to develop a best-in-class terminal at the Rivers Ports to serve, not only users of the Rivers Ports, but also the recently-constructed $400 million foods manufacturing complex adjacent to the terminal.
“BUA remains a law-abiding corporate citizen and is looking forward to working with the management of the Nigerian Ports Authority in resolving any outstanding issues and making the Eastern Ports one of the best in the country.
“BUA wishes to express its most sincere appreciation to all stakeholders for their successful intervention and mediation.
“Their intervention has saved jobs, protected huge investments and prevented potential judgement losses running into hundreds of millions of dollars from being incurred by either the country or our company in the arbitration process at the LCIA in London which is set to be discontinued.”